drgorogbalazs
Long

GNTETH 12H Poloniex – uptrend channel – higher low

POLONIEX:GNTETH   None
GNT is seemingly forming a higher low against ETH on the 12 H chart on the lower border of a potential uptrend channel . This may offer a good trade setup now with a very attractive RR ratio. Higher lows often lead to higher highs. My target would be potentially the 0.382 fib level of last major downswing which is around 0.000745 level. The previous double-bottom formation adds to the bullish bias. RSI could be stronger but above 40. Volume would need to increase.
SL should be set under the double-bottom formation – around 0.00035. This offers a 2.9 RR ratio.
As additional sentiment - I see GNT double-bottom against BTC on 12 H chart with an RSI bullish divergence at the levels of 0.000032.
I have set my buy order of 4 ETH on Bittrex for 0.000435 – not yet completely filled. I may adjust if needed to fill.
Please note – these are my personal views on a potential setup and my own trade. Please trade carefully and with money only that you can afford to lose!
Comment: To show RR assessment please see screenshot below -
Comment: The idea of the original channel seemingly has been broken. I am still in with the position trade as SL has not yet reached. In case uptrend may resume the target at 0.382 fib can still be reasonable.
At this moment either a higher low might be in play or we may see a triple-bottom with a reversal hopefully at or above 0.00035 level.
Comment: After a consistent move nicely stopped at 0.236 resistance with RSI above 70 on daily and 12H. Watching for price action - a pullback may be expected. RSI to calm down a bit. This can either be a double-top now or we may see a breakout later after some consolidation below this resistance. My ultimate target for this trade is the 0.382 fib (0.00075) of previous major downswing however I believe it will still take some time to get there. I may bee locking in some profits here at the 0.236 resistance. While this particular trade is with 4 ETH I have been in with additional 5 ETH with the same average entry from earlier so I may be thinking to sell 1/3 now and see if there will be a pullback to buy back.
Comment: correcting back now to at least 0.786 fib of previous short-term up move - 0.000556 level. Potentially correcting back to 0.618 - 0.00052.
Comment: Cup & Handle, higher low? Ready to go higher?
Trade closed: target reached: Patience paid off. Nice boom today!
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